John B. Taylor

George P. Shultz Senior Fellow in Economics
Awards and Honors:
American Academy of Arts and Sciences
Econometric Society (elected fellow)
Economics Distinguished Faculty Teaching Award
(2015)
Biography: 

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy and is director of Stanford’s Introductory Economics Center.

Taylor's fields of expertise are monetary policy, fiscal policy, and international economics. His book Getting Off Track was one of the first on the financial crisis; his latest book, First Principles, for which he received the 2012 Hayek Prize, develops an economic plan to restore America’s prosperity.

Taylor served as senior economist on President Ford's and President Carter’s Council of Economic Advisers, as a member of President George H. W. Bush's Council of Economic Advisers, and as a senior economic adviser to Bob Dole’s presidential campaign, to George W. Bush’s presidential campaign in 2000, and to John McCain’s presidential campaign. He was a member of the Congressional Budget Office's Panel of Economic Advisers from 1995 to 2001. From 2001 to 2005, Taylor served as undersecretary of the Treasury for international affairs where he was responsible for currency markets, international development, for oversight of the International Monetary Fund and the World Bank, and for coordinating policy with the G-7 and G-20.

Taylor received the Bradley Prize from the Bradley Foundation and the Adam Smith Award as well as the Adolph G. Abramson Award from the National Association for Business Economics. He was awarded the Alexander Hamilton Award for his overall leadership at the US Treasury, the Treasury Distinguished Service Award for designing and implementing the currency reforms in Iraq, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. At Stanford he was awarded the George P. Shultz Distinguished Public Service Award, as well as the Hoagland Prize and the Rhodes Prize for excellence in undergraduate teaching. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society; he formerly served as vice president of the American Economic Association.

Taylor received the 2016 Adam Smith Award from the Association of Private Enterprise Education and the 2015 Truman Medal for Economic Policy for extraordinary contribution to the formation and conduct of economic policy.

Taylor formerly held positions as professor of economics at Princeton University and Columbia University. Taylor received a BA in economics summa cum laude from Princeton University in 1968 and a PhD in economics from Stanford University in 1973.

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Recent Commentary

A Milton Friedman Revival

by John B. Taylorvia Advancing a Free Society
Friday, September 3, 2010

Bloomberg columnist Caroline Baum laments that monetarists have “followed Milton Friedman the grave.” Monetarist, of course, is a term used to id

Analysis and Commentary

A Milton Friedman Revival

by John B. Taylorvia Economics One
Friday, September 3, 2010

It was bad news that policy makers in Washington did not heed [Friedman's] words in the past few years as they embarked on massive fiscal stimulus packages. But it’s good news that many more are heeding those words now...

The Taylor Rule does not say minus six percent

by John B. Taylorvia Advancing a Free Society
Thursday, September 2, 2010

The Taylor rule says that the federal funds rate should equal 1.5 times the inflation rate plus .5 times the GDP gap plus 1.

Analysis and Commentary

The Taylor Rule Does Not Say Minus Six Percent

by John B. Taylorvia Economics One
Wednesday, September 1, 2010

The Taylor rule says that the federal funds rate should equal 1.5 times the inflation rate plus .5 times the GDP gap plus 1. Currently the inflation rate is about 1.5 percent and the GDP gap is about -5 percent. So a little algebra gives a funds rate of 1.5X1.5 + .5X(-5) + 1 = .75 percent...

New Ideas about Monetary Policy from Jackson Hole

by John B. Taylorvia Advancing a Free Society
Monday, August 30, 2010

I write from Jackson Hole Wyoming as the early morning sun shines sharply on the Grand Tetons where I just spent a very enjoyable few days at the annual monetary conference.

Analysis and Commentary

New Ideas about Monetary Policy from Jackson Hole

by John B. Taylorvia Economics One
Sunday, August 29, 2010

The main thing I took away from Ben Bernanke’s opener [at the annual monetary conference in Jackson Hole, Wyoming] was his call for a “cost-benefit” approach to determine whether another dose of unorthodox large scale asset purchases is needed...

Commentary: Monetary Policy after the Fall

by John B. Taylorvia Economics Working Papers
Saturday, August 28, 2010

Economics Working Paper WP10106

Bloomberg interviews John Taylor from Jackson Hole

by John B. Taylorvia Advancing a Free Society
Friday, August 27, 2010

Bloomberg’s Betty Liu interviews John Taylor about fiscal and monetary policy.

(photo credit: Gary Windust)

The Russian Export Ban: An Economic Story Worth Telling

by John B. Taylorvia Advancing a Free Society
Monday, August 23, 2010

The Soviet Union used to provide me with plenty of current event stories to tell students in Economics 1 about the wastes and harms of price controls and central planning.

Analysis and Commentary

The Russian Export Ban: An Economic Story Worth Telling

by John B. Taylorvia Economics One
Monday, August 23, 2010

[T]his summer’s grain export ban in Russia [is] a current event well worth telling students about...

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